HONG
KONG, April 12, 2022 /PRNewswire/
-- Oriental Culture Holding LTD. ("Oriental Culture" or the
"Company") (NASDAQ: OCG), a leading online service provider of
collectibles and artworks, today announced its entry into the
metaverse sector.
Jiangsu Yanggu Culture Development Co., Ltd. ("Yanggu"), the
operating variable interest entity of the Company, has signed a
Capital Increase Investment Agreement ("Agreement") with Noble
Family New Retail Co., Ltd. ("Noble Family"), Beijing Wen Jiao
Technology Co., Ltd. ("BJWJ") and two investors to acquire shares
and increase capital of Beijing Jiu Yu Ling Jing Technology Co.,
Ltd. ("JYLJ"). Pursuant to the Agreement, Yanggu will acquire
11.875% equity interest of JYLJ through a cash contribution of
RMB 6 million (approximately
$923,076) and providing certain
internet development resources and technical support to JYLJ. Noble
Family and BJWJ, the existing shareholders of JYLJ and two new
investors will also make contributions in cash for an aggregate of
RMB44 million (approximately
$6.77 million) and certain initial
work and business resources to JYJL. After this capital
increase, Yanggu will become the third largest shareholder of
JYLJ.
JYLJ offers a range of services to global wine and alcohol
product merchants and customers, such as the traceability,
authenticity and quality assessment of alcohol products, as well as
product launch, brand showcase, marketing and promotion. JYLJ now
is in the process of developing a "Wine and Spirits" metaverse, and
the amount raised through increase of share capital will be mainly
used for this development.
The JYLJ metaverse project is a blockchain-based metaverse game,
which aims to create a virtual "Wine World" for wine and alcohol
product merchants and fans across the world. Users can get access
to a full scope of the knowledge and process of brewing, packaging,
managing, selling of wine and alcohol products in a virtual world.
Furthermore, they may gift their virtually made drinks to third
parties or just for self-collection in the metaverse. On this
platform, people will also be able to enjoy social activities and
quality assessment associated with wines and alcohol products.
Mr. Mun Wah Wan, Chairman of Oriental Culture commented: "The
JYLJ project is an important strategic move for the Company to
enter into the metaverse sector, which is also the main reason for
us to invest in and become a shareholder of JYLJ. We will further
develop the metaverse-related business based on blockchain
technology with the experiences and resources gained from this
project. We will seize the opportunities to accelerate the
upgrading of our business."
About Oriental Culture Holding LTD.
Oriental Culture Holding LTD is an online collectibles and
artwork e-commerce service provider that allows collectors,
artists, art dealers and owners to access a much bigger art trading
market where they can engage with a wider range of collectibles or
artwork investors than they could likely encounter without our
platforms. We currently facilitate trading by individual and
institutional customers of all kinds of collectibles, artworks and
commodities on our leading online platforms owned by our
subsidiaries in Hong Kong. We also provide online and offline
integrated marketing, storage and technical maintenance service to
our customers in China. The Company is in the process of
developing business and services relating to NFTs for cultural and
artwork collections as well as a metaverse project. For more
information about the Company, please visit: www.ocgroup.hk.
About Noble Family New Retail LTD.
Noble Family New Retail Ltd. is a service provider for chain
retail terminal building and operation, primarily in the franchise
business model. It operates business of liquors, wines and other
alcoholic products, plus ancillary sales of wine utensils, tea,
cigarettes, local specialties and other products. The company's
main business is to provide customers with integrated alcohol
products and services in its offline franchised stores covering
most parts of China and on its
online platform. For more information about the company, please
visit its website: http://www.mpsj99.com/
About Beijing Wen Jiao Technology Co., LTD.
Beijing Wen Jiao Technology Co., LTD. is a China-based cultural and artwork products
trading service provider and a wholly-owned subsidiary of Beijing
Wen Jiao Investment Co., LTD.. The company trades cultural and
artwork products with legal ownership on exchange centers upon
application by its clients. The company's business is divided into
five main sections: artwork section, education and training
section, film and media section, music copyright section, as well
as trademark and patent ownership section. For more information
about the company, please visit its website:
http://www.wenjiaolianhe.com/
Forward-Looking Statement
This press release contains forward-looking statements as
defined in the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements regarding plans,
objectives, goals, strategies, future events or performance, as
well as underlying assumptions and other statements that are not
historical facts. A company is making forward-looking statements
when it uses words such as "may," "will," "intend," "should,"
"believe," "expect," "anticipate," "plan," "estimate" or similar
expressions that do not relate solely to historical matters.
Forward-looking statements are not guarantees of future performance
and involve risks and uncertainties that could cause actual results
to differ materially from the Company's expectations discussed in
the forward-looking statements. These statements are subject to
uncertainties and risks, including, but not limited to, the
Company's objectives and strategies; the Company's future business
development; financial condition and results of operations; demand
for and acceptance of products and services; reputation and brand
name; the impact of competition and pricing; changes in technology;
government regulations; fluctuations in general economic and
business conditions in China and assumptions relating to
any of the foregoing and the Company's other risks contained in its
reports filed with the Securities and Exchange Commission. For
these reasons, we caution investors not to place undue reliance on
any forward-looking statements contained in this press release.
Additional factors are discussed in the Company's filings with the
Securities and Exchange Commission, which are available
at www.sec.gov. The Company undertakes no obligation to
publicly revise these forward-looking statements to reflect events
or circumstances arising after the date hereof.
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SOURCE Oriental Culture Holding LTD.